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Canada Holds Up Congo’s Debt Cancellation July 1st, 2010

The World Bank announced yesterday that it was postponing the Democratic Republic of Congo’s long-awaited debt cancellation, even though the country has qualified. The postponement has come about at the request of Canada, because Canadian mineral firm First Quantum is in dispute with the government of DRC over mineral rights.

The DRC has been waiting for debt relief for 7 years, while the IMF and World Bank have satisfied themselves that the country has met numerous economic conditions. Politics has come into play before – last year the IMF held up DRC’s progress through the debt relief scheme because the country was proposing to take loans from China. Congo and China agreed to reduce the amount and terms of the loans late last year.

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Fast Track for Wall Street Debt Relief, Slow Lane for Liberia, Haiti October 10th, 2008

Campaigners call for World Bank to call off ‘outrageous’ postponement of promised debt relief

WASHINGTON, DC and LONDON — International debt campaigners today called on rich country finance ministers meeting at the World Bank and International Monetary Fund annual meetings in Washington DC to end the outrageous delays to debt relief for Haiti and Liberia – two of the poorest countries in the world.

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Missionary Meditation May 2007: Faith and Social Justice June 5th, 2007

In this monthly meditation, Fr. William Steckling, OMI – Superior General of the Oblates of Mary Immaculate – sees in calls for fair trade and debt relief, a reminder that faith has a connection with the world around us and that it cannot remain a private, personal matter.

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